CBRE announced that it has arranged for the $53 million sale of a property containing a 132,003 s/f Home Depot located at 99 Route 17 North in Lodi, New Jersey. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners (NRP) represented the owner in the sale. The buyer acquired the property as part of a 1031 exchange.
99 Route 17 North is a single-tenant retail building triple-net leased to The Home Depot through January 2029, providing long-term, stable income. The property is situated on the highly trafficked intersection of Route 17 (104,000 cars per day) and Route 80 (186,000 cars per day) within the Paramus/Route 17 market, one of the primary retail corridors in the country with over five million s/f of retail within five miles of the property. The Home Depot, following 20 years at this site, recently exercised its first 10-year renewal option, demonstrating its long-term commitment to the property.
Dunne commented, “The property’s credit tenancy, stable cash flow with attractive rent increases and additional development potential was a perfect fit for the purchaser’s 1031 exchange. The property provided a unique opportunity to purchase 12-acres fronting Route 17 in one of the densest and most renowned retail markets in the country.”
The sale of 99 Route 17 North follows on the heels of several other single-tenant net lease trades completed by CBRE’s Metro NY NRP team this year, including the $30 million sale of 99 Greenwich Avenue, a long-term CVS property in prestigious Greenwich, CT; 245 Littleton Road (Route 202), a Stop & Shop center in Morris Plains, NJ that sold for $26.75 million; and a 20-year ShopRite center in Hudson, NY, which traded for $15.75 million.
CBRE’s Metro NY NRP team has several attractive investment opportunities currently available including Cortlandt Crossing, a newly developed ShopRite and HomeSense-anchored center in Mohegan Lake, NY; Oakwood Shopping Center, a grocery and pharmacy-anchored center in Staten Island, NY; a single tenant, long-term Marquee Cinema in New Hartford, NY; and Ansonia Landing, a 91,447 s/f Stop & Shop-anchored center in Ansonia, CT.